Based on 55 hedge funds · latest filing: 2025 Q4 · updated quarterly
📉
Selling streak — 1 quarter in a row
For 1 consecutive quarter, more hedge funds reduced or closed their VTGN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊
High ownership — 70% of 3.0Y peak
70% of all-time peak
55 funds currently hold this stock — 70% of the 3.0-year high of 79 funds (reached 2023 Q1). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📶
Steady growth — +4% more funds vs a year ago
fund count last 6Q
+2 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟡
Slight buying edge — 51% buying
36 buying34 selling
Last quarter: 36 funds bought or added vs 34 that reduced or exited. It's nearly a 50/50 split — some institutions are convinced, others are taking profits. This mixed picture is normal near price highs.
➡️
Steady new buyers — ~15 new funds per quarter
new funds entering per quarter
Funds opening this position for the first time: 3 → 6 → 14 → 15. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒
65% of holders stayed for 2+ years
■ 65% conviction (2yr+)
■ 13% medium
■ 22% new
36 out of 55 hedge funds have held VTGN for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎
Buying through price weakness — shares -36%, value -98%
Last quarter: funds added -36% more shares while total portfolio value only changed -98%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈
Growing discovery — still being found
13 → 3 → 6 → 14 → 15 new funds/Q
New funds entering each quarter: 3 → 6 → 14 → 15. A growing number of institutions are discovering VTGN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️
Deep conviction — 62% of holders stayed 2+ years
■ 62% veterans
■ 16% 1-2yr
■ 22% new
Of 63 current holders: 39 (62%) have held for over 2 years without selling. These are not momentum buyers — they have lived through drawdowns and stayed. A large veteran base acts as a stabilizing force during selloffs.
📋
Smaller funds dominant — 18% AUM from top-100
18% from top-100 AUM funds
12 of 55 holders rank in the top 100 by AUM, but together hold only 18% of total institutional value. The stock is held primarily by smaller and mid-sized funds.
Exit risk score 2.3/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.